Krill Oil Supplements Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028

Krill Oil Supplements Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028

Global Krill Oil Supplements Market has valued at USD 827.12 million in 2022 and is anticipated to project impressive growth in the forecast period with a CAGR of 7.07% through 2028. The global krill oil supplements market has been experiencing steady growth due to increasing consumer awareness of the health benefits associated with krill oil. Krill oil is derived from tiny, shrimp-like crustaceans known as krill, and it is rich in omega-3 fatty acids, particularly EPA (eicosapentaenoic acid) and DHA (docosahexaenoic acid). These omega-3 fatty acids are known for their potential health benefits, including cardiovascular health, joint health, and cognitive function improvement.

Key Market Drivers

Increasing Health Consciousness

In today's fast-paced world, where health and well-being are becoming paramount concerns, there has been a remarkable surge in health consciousness among consumers. This heightened awareness has given rise to a growing demand for natural, holistic, and effective dietary supplements. Among these, krill oil supplements have emerged as a star player in the global market, driven by the increasing health consciousness of individuals who are seeking to proactively improve their overall health. Health-conscious individuals are increasingly educated about the importance of omega-3 fatty acids in maintaining good health. Krill oil is a rich source of these essential nutrients, particularly EPA (eicosapentaenoic acid) and DHA (docosahexaenoic acid), which are renowned for their numerous health benefits. These omega-3s are known to support heart health, reduce inflammation, enhance cognitive function, and promote joint mobility. As consumers become more informed about the vital role these fatty acids play in overall wellness, they are seeking out reliable sources, such as krill oil supplements, to meet their nutritional needs. Health-conscious consumers are not only concerned about the benefits of dietary supplements but also about their origins and sustainability. Krill oil, derived from tiny, shrimp-like crustaceans called krill, is considered a more sustainable source of omega-3s compared to traditional fish oil. Krill populations are abundant and renewable, and harvesting practices have become increasingly environmentally friendly. This aligns perfectly with the values of health-conscious individuals who are not only seeking personal health benefits but also care about the planet. In today's information age, consumers are more likely to make evidence-based decisions about their health. Scientific research has consistently highlighted the advantages of krill oil over other omega-3 sources. Studies suggest that krill oil may be more readily absorbed by the body due to its unique phospholipid structure, making it an attractive choice for those who value the scientific validation of their dietary choices. Health-conscious consumers are inclined to rely on credible research to guide their supplement selections. Modern health-conscious individuals often adopt a holistic approach to well-being. They recognize that overall health encompasses not only physical but also mental and emotional aspects. Krill oil's potential to improve cognitive function and mood, in addition to its physical health benefits, aligns with this holistic perspective. As people increasingly seek to balance all facets of their well-being, krill oil supplements have found a receptive audience. The rise of e-commerce has made health-conscious consumers even more empowered to explore and purchase krill oil supplements. Online platforms offer a convenient and comprehensive way to research, compare products, and make informed choices. This increased accessibility has expanded the market reach of krill oil supplements, making them accessible to a global audience of health-conscious individuals.

Scientific Research and Health Benefits

In an era marked by an ever-growing emphasis on health and wellness, consumers are increasingly turning to dietary supplements to support their well-being. Krill oil supplements, derived from tiny, shrimp-like crustaceans called krill, have garnered significant attention due to their potential health benefits. A cornerstone of the growth of the krill oil supplements market is the extensive body of scientific research that supports the numerous health benefits associated with krill oil. Clinical studies have consistently demonstrated its efficacy in promoting health. These studies have highlighted its role in supporting cardiovascular health, reducing inflammation, enhancing cognitive function, and improving joint mobility. The wealth of scientific evidence has made krill oil a trusted and reliable choice for consumers seeking evidence-based health solutions. Krill oil offers a distinct advantage over other omega-3 sources, thanks to its superior bioavailability. The omega-3 fatty acids in krill oil are bound to phospholipids, which allow for easier absorption by the body. This means that individuals who choose krill oil supplements may experience faster and more efficient absorption of essential nutrients. This scientifically validated advantage has attracted consumers who are seeking optimal results from their dietary choices. Cognitive health is a growing concern for individuals of all ages. Krill oil's potential to support cognitive function and improve mood has become a compelling reason for its use. Scientific studies suggest that the unique combination of omega-3 fatty acids and antioxidants in krill oil may positively influence brain health. As the importance of maintaining cognitive well-being gains prominence, krill oil supplements have found favor among those who prioritize mental acuity and emotional balance. Cardiovascular health remains a top priority for many, and krill oil has garnered attention for its positive impact on the heart. Scientific research has shown that krill oil can help lower triglyceride levels, reduce LDL cholesterol, and maintain healthy blood pressure, all of which are key factors in heart health. The scientific validation of these benefits has led to increased adoption of krill oil supplements as part of a heart-healthy lifestyle. Chronic inflammation is at the root of many health issues, from joint pain to chronic diseases. Krill oil's anti-inflammatory properties, supported by scientific research, have attracted consumers looking for natural ways to manage inflammation. Its potential to alleviate joint discomfort has made it a popular choice among those seeking relief from conditions like arthritis. In an age of information, consumers are increasingly discerning and seek products that are supported by scientific research. Krill oil's well-documented health benefits resonate with individuals who value evidence-based dietary choices. This trust in the scientific foundation of krill oil supplements is bolstering their growth in the marketplace.

Sustainable Fishing Practices

Sustainability has become a buzzword in nearly every industry, and the dietary supplements market is no exception. Among the various supplements gaining prominence, krill oil stands out not just for its health benefits but also for its commitment to sustainable fishing practices. Sustainable fishing practices in the krill industry are rooted in the desire to preserve the delicate balance of marine ecosystems. Krill are tiny, shrimp-like crustaceans that serve as a crucial link in the marine food chain. They are a primary food source for numerous marine species, including whales, seals, and penguins. Overfishing of krill could disrupt these ecosystems, causing ripple effects throughout the food web. Sustainable practices ensure that the krill population remains healthy, which benefits not only the environment but also the entire seafood industry. Modern consumers are increasingly conscious of the environmental impact of their choices. Sustainable fishing practices resonate with a growing segment of environmentally conscious individuals who are concerned about the state of our oceans. By choosing krill oil supplements derived from responsibly harvested sources, consumers can support ethical practices and contribute to the conservation of marine life. This ethical stance resonates positively with consumers, boosting the market for krill oil supplements. Sustainable fishing practices are often accompanied by a commitment to traceability and transparency in the supply chain. Companies engaged in krill oil production often provide detailed information about their sourcing and harvesting methods. This transparency builds trust among consumers who want to make informed choices about the products they consume. It also helps prevent illegal and unregulated fishing practices, which can harm the environment. Many krill oil producers actively seek certification from recognized organizations that promote sustainable fishing practices. Certifications like MSC (Marine Stewardship Council) and Friend of the Sea are emblematic of adherence to stringent sustainability standards. These certifications not only reassure consumers but also open doors to new markets, as businesses with a commitment to sustainability gain access to eco-conscious consumers and retailers. Media coverage and consumer education have played a pivotal role in raising awareness about the importance of sustainable fishing practices. As stories of overfishing and environmental degradation have made headlines, consumers are more inclined to choose products that align with their values. Sustainable krill oil supplements not only address the demand for eco-friendly options but also contribute to positive public relations for the industry. Governments and international bodies have recognized the importance of sustainable fishing practices. They have implemented regulations and quotas to ensure the responsible harvesting of krill. This regulatory support provides a solid foundation for sustainable practices and encourages businesses to invest in environmentally friendly approaches.

Expanding Distribution Channels

In the ever-evolving world of dietary supplements, access is key. As consumer interest in health and wellness continues to surge, the market for krill oil supplements is experiencing remarkable growth. A significant driver behind this expansion is the widening spectrum of distribution channels. Perhaps the most transformative change in the distribution landscape is the rise of e-commerce. The convenience of online shopping has revolutionized how consumers access dietary supplements. Krill oil supplements are no exception to this trend. With just a few clicks, consumers can browse, compare, and purchase products from the comfort of their homes. Online retailers provide a vast array of options, enabling customers to find the right krill oil supplement to suit their needs. This accessibility has significantly broadened the market's reach, allowing suppliers to tap into a global customer base. Beyond the digital realm, krill oil supplements have established a strong presence in physical retail stores. Health food stores, pharmacies, and supermarkets stock a wide range of dietary supplements, including krill oil. This accessibility ensures that consumers can easily encounter and purchase these products during their routine shopping trips. As consumers become more health-conscious, the visibility of krill oil supplements in physical stores serves as a constant reminder of their availability. Specialty health stores and supplement shops have long been a hub for health-conscious consumers. These stores often provide an extensive selection of dietary supplements, catering to those seeking specific health and wellness solutions. Krill oil supplements, known for their unique health benefits, have found a niche in these specialty stores. The presence of knowledgeable staff can further educate customers about the advantages of krill oil, encouraging its adoption. The global reach of distribution channels is instrumental in driving the growth of the krill oil supplements market. As awareness of the health benefits of krill oil spreads worldwide, international expansion becomes crucial. Companies that actively seek partnerships with distributors in various countries can tap into diverse markets. Krill oil's versatility and appeal to a wide demographic make it a valuable addition to the product portfolios of distributors seeking to meet the demand for health-conscious consumers. The proliferation of educational platforms, both online and offline, has contributed to the growth of the krill oil supplements market. As consumers seek information about dietary choices and their health benefits, these platforms play a vital role in disseminating knowledge. Educational events, seminars, webinars, and informative websites can enlighten consumers about the advantages of krill oil and guide them toward suitable products and purchase options.

Key Market Challenges

Regulatory Compliance and Labeling Requirements

One of the foremost challenges in the dietary supplements industry, including krill oil, is the complex landscape of regulatory compliance. Different countries and regions have varying regulations governing the production, labeling, and marketing of dietary supplements. Meeting these regulatory requirements can be a daunting task for manufacturers, particularly when it comes to health claims and accurate product labeling.

Price Sensitivity

Krill oil supplements are generally more expensive than other omega-3 sources like fish oil. The higher cost can deter price-sensitive consumers, limiting market penetration. Manufacturers must find ways to communicate the added value of krill oil, such as its superior bioavailability and potential health benefits, to justify the price point.

Competition from Other Omega-3 Sources

While krill oil offers unique advantages, it faces fierce competition from other omega-3 sources, such as fish oil and algae-based supplements. Consumers have a plethora of choices when it comes to omega-3 supplements, and manufacturers must differentiate krill oil products effectively to stand out in the market.

Environmental Concerns and Sustainability

Krill is a vital component of marine ecosystems, serving as a primary food source for various marine species. Concerns about overfishing and the potential environmental impact of krill harvesting have led to scrutiny and skepticism within the industry. Sustainable fishing practices and responsible sourcing are essential to address these concerns and maintain consumer confidence.

Key Market Trends

Sustainability Takes Center Stage

Sustainability has been a key theme in recent years, and it's set to become even more prominent in the krill oil supplements market. Consumers are increasingly concerned about the environmental impact of their choices. Manufacturers are responding by adopting sustainable fishing practices and obtaining certifications, such as the Marine Stewardship Council (MSC) label, to demonstrate their commitment to preserving krill populations and marine ecosystems.

Innovative Product Formulations

Product innovation is a driving force in the dietary supplements industry, and krill oil is no exception. Manufacturers are exploring innovative formulations to cater to diverse consumer needs. Expect to see a rise in products combining krill oil with other beneficial nutrients, vitamins, and minerals to offer comprehensive health solutions. Customized formulations targeting specific health concerns, such as joint health or cognitive function, will also gain prominence.

Increased Bioavailability Focus

Krill oil's superior bioavailability has always been one of its key selling points. Manufacturers will continue to emphasize this advantage by conducting research and development to further enhance the absorption of essential nutrients. This trend aligns with consumers' growing preference for products that offer maximum health benefits per serving.

Personalized Nutrition and Dosage

Personalized nutrition is gaining traction, and krill oil supplements are likely to be a part of this trend. Companies are exploring ways to tailor dosage and formulations to individual needs. This could involve factors such as age, gender, specific health goals, or genetic profiles, allowing consumers to optimize their supplement intake for maximum benefit.

Segmental Insights

Product Insights

Based on the category of Product, the liquid form of supplements is projected to experience a remarkable CAGR during the forecast period. Liquid krill oil, a supplement suitable for infant nutrition, is anticipated to see high demand in the near future. The increasing demand for liquid supplements in pet foods and infant formulas is expected to drive growth in this segment in the coming years. Conversely, softgel supplements have gained popularity and are expected to witness significant growth throughout the forecast period. Softgels are favored for their ability to conceal taste and offer a smooth texture, making them easier to swallow due to their flexible shape.

In contrast, capsules are also expected to experience a substantial CAGR from 2023 to 2030. Capsules are widely used because they enable unique combinations of applications, provide protection for sensitive substances, ensure efficient delivery of fat-soluble nutrients, and reduce gastrointestinal irritation. Moreover, sealed hard gelatin capsules act as effective barriers against oxygen. All these characteristics are anticipated to boost the demand for krill oil capsules over the forecasted period.

Application Insights

The functional foods sector is poised for growth in the foreseeable future. The increasing consumption of omega-3 polyunsaturated fatty acids in both functional foods and pharmaceutical products is projected to boost the demand for krill oil throughout the forecast period. Factors such as heightened awareness of healthcare and chronic diseases, regulations supporting its use in infant formulations, and the expanding application of omega-3 are expected to drive the demand for krill oil in developed countries like the United States, Germany, France, the United Kingdom, and Japan.

In 2022, dietary supplements dominated the market share, and they are anticipated to maintain their leading position in the forecasted period. Krill oil is favored by younger consumers due to its rich nutritional profile. Furthermore, as consumers become increasingly mindful of the importance of a nutritious diet, the use of krill oil in dietary supplements is expected to rise. The animal feed segment is also poised for significant growth during the forecast period, driven by increased spending on pet wellness, which is supported by the growing adoption and ownership of pets in the years to come.

Regional Insights

In 2022, North America held the largest market share. Within this region, key sectors such as pharmaceuticals, infant formula, and supplemental and functional foods played a significant role. The demand for krill oil in functional food and beverage applications is expected to increase due to the growing emphasis on fitness preferences among consumers in the United States, Canada, Mexico, and Canada. Furthermore, the North American market for krill oil supplements is poised for growth in the coming years, driven by expanding awareness of its health benefits and the introduction of various dietary supplement product forms.

Meanwhile, the Asia Pacific region is anticipated to experience a remarkable CAGR. In China, krill oil as a dietary supplement has gained popularity among middle-aged consumers for its benefits related to eye and immune health. The rising demand for supplements in countries such as India, China, Singapore, South Korea, Japan, and Australia has contributed to the growth of omega-3 in the Asia Pacific region. The increasing inclusion of krill oil in daily diets and the heightened awareness of health issues among consumers are driving this demand. Additionally, the cultivation of krill fish is expected to continue expanding in the Indian Ocean and the South China Sea in the coming years. Moreover, the rising utilization of krill oil in the pharmaceutical industry, coupled with expanding research and development activities in the region, is expected to fuel market growth.

Key Market Players

Aker BioMarine ASA

Neptune Wellness Solutions Inc.

Rimfrost As

Schiff Nutrition International Inc

Norwegian Fish Oil AS.

Qingdao New Life Biotechnology Co Ltd

NWC Naturals Inc.

Nutracode LLC

Report Scope:

In this report, the Global Krill Oil Supplements Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Krill Oil Supplements Market, By Product:
• Liquids
• Softgels
• Capsules
• Krill Oil Supplements Market, By Application:
• Dietary Supplements
• Animal Feed
• Functional Food & Beverages
• Pharmaceuticals
• Others
• Krill Oil Supplements Market, By Distribution Channel:
• Supermarkets/Hypermarkets
• Drug Stores & Pharmacies
• Online Retailers
• Others
• Krill Oil Supplements Market, By Region:
• North America
• United States
• Canada
• Mexico
• Europe
• Germany
• United Kingdom
• France
• Italy
• Spain
• Asia-Pacific
• China
• Japan
• India
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE
• Kuwait

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Krill Oil Supplements Market.

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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